13 - Notice of Intention to Issue Certificates of Obligation to Finance Wastewater Plan ConstructionItem No. 13
Memorandum
TO: Mayor & City Council
Grayson Path, City Manager
FROM: Gene Anderson, Finance Director
SUBJECT: NOTICE OF INTENTION TO ISSUE CERTIFICATES OF OBLIGATION
TO FINANCE CONSTRUCTION OF A WASTEWATER PLANT
DATE: February 8, 2021
BACKGROUND: The City has been working and planning towards building a new Wastewater
Treatment Facility for several years. On January 25, 2021 the City Council heard a project update
from Garver Engineering. Also, discussed were the necessity of issuing long term debt to construct
the plant and the sewer rate increase necessary to pay for the required debt issue.
STATUS OF ISSUE: The Council directed the city staff to prepare a resolution for the February
8th meeting directing that notice of intent to issue certificates of obligation to finance construction
of a wastewater treatment plant be posted to the City website and published in a newspaper that
circulates within the City.
BUDGET: A new construction fund and a new Interest & Sinking Fund will be established to
handle the expenditure of the CO proceeds and to make the required debt payments.
RECOMMENDATION: Move to adopt a resolution directing that notice of intent to issue
certificates of obligation to finance construction of a waste water treatment plant be posted to the
City website and published in a newspaper, and approving all other matters pertaining thereto.